Deutsche Bank Securities and Thomas Weisel Partners agreed to pay a total of $100 million in a settlement with the SEC, state securities regulators, the NASD and the NYSE over charges of conflicts of interest between the firms' research and investment banking units. The settlements are related to the April 2003 $1.4 billion global settlement that 10 other investment banks reached with the SEC, state regulators, the NASD and the Big Board after charges that investment banking had undue influence on securities research at brokerage firms. The firms did not admit or deny the allegations in the settlement.
Deutsche Bank Securities will pay $87.5 million and Thomas Weisel will pay $12.5 million, according to a news release from the SEC, North American Securities Administrators Association, NASD, NYSE and the California Department of Corporations. The money will go to customers of the firms and state securities regulators, as well as to fund independent research.
"We are pleased to reach this final resolution with the Securities and Exchange Commission, California Department of Corporations, and other state and federal regulators and join the global settlement," said Rohini Pragasam, Deutsche Bank spokeswoman, in a statement. Ann Akichika, Thomas Weisel's director of marketing and corporate communications, said: "We are pleased to have reached a resolution of this matter."